Merger Arbitrage and Long/Short performed the best, up 0.29% and 0.20%, respectively. CTA Advisors performed the worst, down 2.60%. Long/Short funds continue with defensive moves - going after large cap picks over style and quality. In futures, large funds more than tripled their positions in NASDAQ 100 futures. Funds continued to short soybean, wheat and corn. Funds are buying gold again after a few weeks of selling out of their positions.

In currencies, the Euro remains a crowded short. The Dollar remains on an upward trend despite a small sell off. Funds are also buying the Yen. The investable hedge fund composite index was down 0.16% for the month as of June 20, compared to up 3.46% for the S&P 500.